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CEO of Nimbus Platform Alex Lemberg Shares His Views on NYC Mayor Eric Adams’ Bitcoin Paychecks

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CEO of Nimbus Platform Alex Lemberg Shares His Views on NYC Mayor Eric Adams’ Bitcoin Paychecks
© Reuters. CEO of Nimbus Platform Alex Lemberg Shares His Views on NYC Mayor Eric Adams’ Bitcoin Paychecks

The US is rapidly changing its stance towards the cryptocurrency industry, especially in certain states. While regulations are still nowhere in sight, more and more states are opening doors to crypto, and some are even entering a race to become the country’s crypto hubs.

For example, at the same time China was forcing out miners in a series of crypto crackdowns, Miami Mayor Francis Suarez invited crypto miners to come to his city to mine with nuclear energy. Now, it appears that Mayor Suarez has a competitor, from New York City no less.

NYC’s new Mayor-Elect, Eric Adams, publicly announced on Twitter (NYSE:) that he will take his first three paychecks in Bitcoin. He has plans to make NYC the US center of the crypto industry, as well as other fast-growing industries. The move caused a lot of interest in crypto, attracting praise even from the likes of investors Cameron and Tyler Winklevoss, Galaxy Digital CEO Mike Novogratz and others.

Now we hear from a key player in the decentralized finance industry, Alex Lemberg, the CEO of DeFi’s Nimbus Platform and NYC resident for over 43 years.

Alex Lemberg and the Nimbus Platform

Lemberg has spent nearly 3 decades in financial services, from traditional finance to alternative assets, managing a full range of financial products. Included on his impressive resume are positions in bulge bracket organizations, capital markets, and starting the data visualization for business intelligence for Cisco (NASDAQ:) funds. He spent half his career in operations, strategic services and R&D.

Nimbus Platform offers an easy and efficient access point to the best that the DeFi sector has to offer. The DeFi hub features 15 customizable earning strategies, reward calculators, rich sources of market data, and other useful benefits for those interested in exploring and participating in the new crypto industry. It also allows users to participate in lending pools, generate rewards in exchange for providing liquidity, and numerous different staking options, all of which are highly popular services on the platform right now. According to its total value locked (TVL), representing the sum of all DeFi assets, Nimbus platform is currently among the top 10% of DeFi projects as the 141st out of 1525 registered projects in total.

Lemberg’s View on NYC and Crypto

Commenting on Adams’ new move, CEO of the Nimbus Platform said that having a NYC Mayor who loves crypto is an amazing thing for the crypto space and the future of regulation. The city now has the potential to become a major center for decentralized finance, blockchain, and cryptocurrency.

With Lemberg’s history in finance, he has a pretty good idea of what to expect in this industry and believes that New York could take the lead in technology and investment in cryptocurrency. He also sees institutional banking and institutional finance moving to blockchain in general.

Although some banks and hedge funds have left New York, Lemberg points out that traditional institutions are still very much present in the city, even if they do not enjoy a monopoly. And, as banks and financial institutions start making their way onto DeFi platforms, he predicts that processes will improve, becoming easier to use. At that point, the companies located in NYC will have the advantage of a central location for human-scale business activity, such as in-person meetings. Since the city is the traditional financial capital of the world, Lemberg believes there is no reason for it to not become the same for decentralized finance also.

In fact, it makes sense for NYC to follow this path, as centralized and decentralized finance are getting more and more interconnected. This potential will allow NYC to win the race to become the crypto hub of the US.

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ETH inflation after Merge started rising again for the first time since November

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current ETH inflation rate

The annual ETH inflation after Merge has once again turned positive for the first time since early November.

According to ultrasound.money, the annual ETH inflation rate rose 0.08% to 622,000 ETH as of December 6. At the same time, the annual ETH burn rate is 527,000 ETH. This news will also have a negative impact on the current price of Ethereum.

Meanwhile, back in early November, the volume of ETH being burned was overtaking issuance, making the cryptocurrency deflationary.

The cryptocurrency exchange site Uniswap V3 had the most commissions burned (~4192.1 ETH burned in the last thirty days). In second place were commissions burned for ETH transactions on the Ethereum network (3195 ETH). The three most active projects were closed by the USDT Stablecoin smart contract, through which ~2593 ETH was burned.

Almost in a month the Ethereum network burned over 50 000 ETH, and every minute about 1.2 ETH are burned in commissions.

Method for calculating current ETH inflation rate

Recall that before Ethereum switched to Proof-of-Stake algorithm, the amount of ETH issued per day was calculated by the formula: reward per block for miners and pay for PoS-stackers – ETH burned. However, after the transition to PoS, rewards for mined blocks are no longer generated at the execution level or on the main Ethereum network.

Given that the issue at the execution level after the transition to PoS is zero, the number of new ETH is now calculated as follows: the reward for PoS-stackers is burned tokens. At the time of writing, the ETH rate in the ETH/USD trading pair is $1,261, according to Nomics. The market capitalization at the same time is fixed at $154.5 billion.

Previously, we reported on What’s wrong with proving cryptocurrency reserves and why the cryptocurrency community doesn’t believe in it.

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British Ministry of Finance wants to restrict the crypto business in the country – media

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crypto restrictions

The British Treasury is finalizing a package of rules to restrict the crypto business. It was reported by the Financial Times, referring to the Financial Conduct Authority (FCA) of Great Britain.

The list of new rules includes restrictions on foreign cryptocurrency businesses in the UK; provisions on how businesses should act in case of bankruptcy, as well as requirements for advertising cryptocurrencies. This news will also have a negative impact on the current price of Ethereum and the cryptocurrency market.

Sources close to the British Ministry of Finance said in a media commentary that the ministry also intends to expand the FCA’s crypto restrictions and supervision over the cryptocurrency market. Details, however, remain unclear. Officially, the timetable for considering a new set of rules for the crypto market remains unknown. but media reports indicate that the British authorities may start consultations as early as early 2023.

In early November 2022, the Committee on Digital, Culture, Media and Sport (DCMS) in the U.K. The House of Commons announced the launch of a study into non-interchangeable tokens (NFT) and blockchain technology.

DCMS committee chair Julian Knight MP said that NFTs burst into the digital world so quickly that there was no time to stop and think. Now that the market is changing dramatically and there are fears that the bubble may burst, it is necessary to understand the risks, the benefits of this disruptive technology, and to formulate regulatory requirements for it, he stressed.

Amid the collapse of the FTX crypto exchange, UK authorities are discussing many initiatives to regulate the crypto market. Rishi Sunak, who took over as prime minister after the short reign of Liz Truss, played no small role here. Sunak is considered a key supporter of cryptocurrency in the government circles of the country.

Previously, we reported that Tether claims its USDT loans are “over-secured.”.

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For the first time, a Chinese court recognized that NFT is virtual ownership

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virtual ownership

Collections of NFTs have been recognized as virtual property under current Chinese law. The court in Hangzhou ruled.

The ruling states that NFTs have property rights characteristics such as value, rarity, manageability, and saleability. The court described virtuality and the technology that provides it as unique attributes of the assets. Whether this will have a positive effect on the current price of Bitcoin, we will see soon enough.

The case was heard in the sale of NFT virtual property by the defendant company. The plaintiff gave the firm personal information and transferred 999 yuan (about $144) before the purchase. However, the company did not deliver the goods, and returned his money a few days later, citing incorrect identification information. As a result, his claim was assessed at 99,999 yuan (about $14,380). The court sided with the seller, confirming the misrepresentation.

“As a virtual work of art, the NFT virtual property digital collection itself combines the original expression of the creator of the art and has the value of the corresponding intellectual property rights. At the same time – they are unique digital assets formed on the blockchain based on the mechanism of trust and consensus between the nodes. Therefore, NFT collections fall under the category of virtual property,” the ruling said.

On that basis, the court ruled that the rules governing online trading apply to asset transactions.

China believes that NFTs can be used for fundraising, including illegally. Therefore, the government has concerns that “underground banks” or loan sharks and shadow banking may soon appear in the country. Therefore, the government has banned not only crypto-assets such as bitcoin, but even ICOs and mining.

However, despite the restrictions, as of the end of May, there were 83 billion yuan (about $12.33 billion) worth of digital yuan transactions in the country. China continues to actively pursue the adoption of digital currency.

Earlier, we reported that Apple forced Coinbase to remove NFT transfers.

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